Draghi calls for unity to back “major” changes

Mario Draghi, the chairman of the Financial Stability Board, has called for regulators the world over to recognise the need to implement major change in order to stave off a repeat of the events of the past two-and-a-half years.

"We are now entering a critical stage in the regulatory reform process: we have to take some difficult decisions," Draghi said on Thursday. Signalling that regulatory arbitrage would not be tolerated, he added: "Action is now urgently required by national authorities and

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